Prices of maize across key spot markets remained largely steady due to a sharp decline in arrivals. However, a decline in bulk purchases restricted gains.
End users are avoiding purchases in bulk as spot prices have risen sharply.
On NCDEX, however, maize futures slipped sharply due to an on-year rise in acreage across the country. The most-active June contract was over 2% down at 1,785 rupees per 100 kg.
So far, farmers have sown maize across 141,050 ha, about 6% higher on year.
Corn futures settled steady to fractionally lower in the front months, with other contracts firm to 3 1/2 cents higher. After the close, NASS showed that 83% of the US corn crop was planted as of June 9, still lagging the 99% average.
That was a 16% move from the previous week and in the range of estimates. Emergence was pegged at 62%, 31% below average. Initial corn ratings were at 59% gd/ex, with the Brugler500 index at 355.
That was 35 points lower than last year and the worst first round of ratings since 1996. Monday morning’s Export Inspections report indicated that 850,647 MT of corn was shipped in the week that ended on June 6.
That was a 14.2% jump from the week prior but 39.7% slower than the same week in 2018. YTD inspections are now 2% behind the same time last year. USDA reported another 49,753 MT in sorghum exports to China.